Kingstone Companies Inc
NASDAQ:KINS
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Kingstone Companies Inc
NASDAQ:KINS
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Kingstone Companies Inc
Kingstone Cos., Inc. operates as a holding company, which engages in the provision of property and casualty insurance policies to individuals and small businesses through its subsidiary. The company is headquartered in Kingston, New York and currently employs 91 full-time employees. The firm offers its products through its wholly owned subsidiary, Kingstone Insurance Company (KICO). KICO is a licensed property and casualty insurance company, which is offering its insurance products in New York, New Jersey, Rhode Island, Massachusetts and Connecticut. The company underwrites its business utilizing industry claims databases, insurance scoring reports, physical inspection of risks and other individual risk underwriting tools. The firm writes homeowners and dwelling fire business in coastal markets. The firm's product lines include personal lines, livery physical damage, and other. Its personal lines consist of homeowners, dwelling fire, renters, equipment breakdown and service line endorsements and personal umbrella policies. The company writes for-hire vehicle physical damage only policies for livery and car service vehicles and taxicabs.
Kingstone Cos., Inc. operates as a holding company, which engages in the provision of property and casualty insurance policies to individuals and small businesses through its subsidiary. The company is headquartered in Kingston, New York and currently employs 91 full-time employees. The firm offers its products through its wholly owned subsidiary, Kingstone Insurance Company (KICO). KICO is a licensed property and casualty insurance company, which is offering its insurance products in New York, New Jersey, Rhode Island, Massachusetts and Connecticut. The company underwrites its business utilizing industry claims databases, insurance scoring reports, physical inspection of risks and other individual risk underwriting tools. The firm writes homeowners and dwelling fire business in coastal markets. The firm's product lines include personal lines, livery physical damage, and other. Its personal lines consist of homeowners, dwelling fire, renters, equipment breakdown and service line endorsements and personal umbrella policies. The company writes for-hire vehicle physical damage only policies for livery and car service vehicles and taxicabs.
Profitability: Kingstone delivered its most profitable quarter and year ever — Q4 net income of $14.8 million and full-year net income of $40.8 million — with Q4 diluted EPS of $1.03 and full-year diluted EPS of $2.88, substantially ahead of prior guidance.
Underwriting: Underlying performance strengthened materially: 2025 underlying combined ratio was 74.4% (underlying loss ratio 44.4%, expense ratio 30%), and Q4 reported net combined ratio was an exceptional 64.2% driven by lower frequency and improved claims operations.
Guidance: For 2026 management expects direct premiums written to grow 16%–20%, an underlying combined ratio of 74%–76%, a catastrophe assumption of 7–10 points, and diluted EPS of $2.20–$2.90 (midpoint $2.55); the year-over-year headline change reflects cat normalization rather than deterioration in the underlying business.
Capital & Reinsurance: Strong balance sheet with no debt, shareholder equity of $122.7 million, book value per diluted share $8.28, and a reinsurance structure that caps the maximum first event loss at $5 million pretax (≈ $0.27/share after tax).
Growth / California: Company announced disciplined entry into California (E&S homeowners) in Q2 2026 with initial quota share cession of 30% for that state and planned California contribution of <5% of 2026 premium, aiming to scale over time.
Quota Share & Earnings Lift: Reduced quota share materially: 2025 treaty reduced from 27%→16% (added ≈ $0.25 EPS in 2025) and 2026 treaty reduced to 5% (expected ≈ $0.20 EPS benefit), supporting higher retained premium and earnings power.
Investments & Cash Flow: Investment portfolio grew to $309.7 million with fixed income yield 4.3% (duration 4.4 yrs); net investment income was $3.0 million in Q4 and $9.8 million for the year, benefiting from higher new-money yields.
